Amazon boss Jeff Bezos, 57, will stop being CEO. He will be Amazon's executive chair. The new CEO is the head of Amazon's cloud computing business. Mr Bezos started Amazon in his garage in 1995. It started as an online bookseller. Now it is a global marketplace. It streams music and makes electronics and devices.
Amazon is one of the world's most valuable companies. Mr Bezos is one of the world's richest people. He said Amazon was only an idea 27 years ago. It had no name. He said: "Today, we employ 1.3 million...people, serve hundreds of millions of customers...and are...one of the most successful companies in the world."